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Document Preview Deferred Compensation Plan for Officers [Amended and Restated 2003] |
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Title: |
Deferred Compensation Plan for Officers [Amended and Restated 2003] |
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Entities: |
Home Depot, Inc.; Home Depot U.S.A., Inc. |
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Date: |
2003 |
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Size: |
Preview shows 19KB of 66KB total |
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Price: |
$40 |
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ID: |
#164677 |
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HOME DEPOT U.S.A., INC.
DEFERRED COMPENSATION PLAN FOR OFFICERS
(As Amended and Restated Effective January 1, 2003)
{PAGE}
HOME DEPOT U.S.A., INC.
DEFERRED COMPENSATION PLAN FOR OFFICERS
(As Amended and Restated Effective January 1, 2003)
TABLE OF CONTENTS
{TABLE}
{CAPTION}
PAGE
----
{S} {C}
SECTION 1. ESTABLISHMENT AND PURPOSE OF PLAN............................................ 1
1.1. ESTABLISHMENT AND RESTATEMENT OF PLAN........................................ 1
1.2. PURPOSE OF PLAN.............................................................. 1
SECTION 2. DEFINITIONS.................................................................. 1
2.1. ACCOUNT...................................................................... 1
2.2. BASE COMPENSATION............................................................ 1
2.3. BONUS COMPENSATION........................................................... 1
2.4. BOARD........................................................................ 1
2.5. CHANGE IN CONTROL............................................................ 1
2.6. CODE......................................................................... 2
2.7. COMMITTEE.................................................................... 2
2.8. COMPANY...................................................................... 2
2.9. DEDUCTIBLE................................................................... 2
2.10. DISTRIBUTION DATE............................................................ 2
2.11. DISABILITY OR DISABLED....................................................... 2
2.12. EFFECTIVE DATE............................................................... 3
2.13. ELIGIBLE OFFICER............................................................. 3
2.14. EMPLOYMENT TERMINATION....................................................... 3
2.15. ENROLLMENT PERIOD............................................................ 3
2.16. EXCHANGE ACT................................................................. 3
2.17. HARDSHIP..................................................................... 3
2.18. NONDEDUCTIBLE................................................................ 3
2.19. NONDEDUCTIBLE COMPENSATION................................................... 3
2.20. PARENT COMPANY............................................................... 3
2.21. PARTICIPANT.................................................................. 4
2.22. PARTICIPATING COMPANY........................................................ 4
2.23. PLAN......................................................................... 4
{/TABLE}
{PAGE}
{TABLE}
{S} {C}
2.24. PLAN YEAR.................................................................... 4
2.25. RELATED COMPANY.............................................................. 4
2.26. RETIREMENT DATE.............................................................. 4
SECTION 3. PARTICIPATION, CONTRIBUTIONS AND DEFERRALS................................... 4
3.1. ELIGIBILITY.................................................................. 4
3.2. COMMENCEMENT OF PARTICIPATION................................................ 4
3.3. PARTICIPANT DEFERRAL ELECTIONS............................................... 4
3.4. CONTINUANCE OF DEFERRAL ELECTION DURING SEVERANCE PERIOD..................... 5
3.5. REVOCATION/MODIFICATION OF DEFERRAL ELECTIONS................................ 5
3.6. COMPANY DISCRETIONARY CONTRIBUTIONS.......................................... 5
SECTION 4. VESTING AND ADMINISTRATION OF ACCOUNTS....................................... 5
4.1. VESTING OF DEFERRALS......................................................... 5
4.2. CREDITS/DEBTS TO ACCOUNT..................................................... 6
4.3. ACCOUNT EARNINGS............................................................. 6
4.4. OWNERSHIP AND INVESTMENT OF ACCOUNTS......................................... 6
4.5. ESTABLISHMENT OF RABBI TRUST................................................. 6
SECTION 5. DISPOSITION OF PARTICIPANT ACCOUNTS.......................................... 6
5.1. PLAN DISTRIBUTION ELECTIONS.................................................. 6
5.2. DISTRIBUTION DATE............................................................ 7
5.3. FORM OF DISTRIBUTION......................................................... 7
5.4. HARDSHIP DISTRIBUTIONS....................................................... 7
5.5. IN-SERVICE DISTRIBUTIONS..................................................... 8
5.6. DISABILITY DISTRIBUTIONS..................................................... 8
5.7. DEATH DISTRIBUTIONS.......................................................... 8
5.8. DISPOSITION OF ACCOUNT ON PLAN TERMINATION................................... 9
5.9. ACCOUNTING METHOD FOR DISTRIBUTIONS.......................................... 9
5.10. DISTRIBUTIONS CAUSING LOSS OF COMPENSATION DEDUCTION......................... 9
5.11. TAX WITHHOLDING.............................................................. 9
5.12. PRESUMED COMPETENCY.......................................................... 9
5.13. FORFEITURE OF UNCLAIMED BENEFITS............................................. 10
SECTION 6. COMMITTEE ADMINISTRATION..................................................... 10
6.1. PLAN COMMITTEE............................................................... 10
{/TABLE}
{PAGE}
{TABLE}
{S} {C}
6.2. COMMITTEE ACTION.............................................................10
6.3. PLAN RULES AND REGULATIONS...................................................10
6.4. DETERMINATIONS BY COMMITTEE..................................................10
6.5. PLAN RECORDS.................................................................11
SECTION 7. CLAIM AND REVIEW PROCEDURES..................................................11
7.1. CLAIMS PROCEDURE.............................................................11
7.2. REVIEW PROCEDURE.............................................................11
7.2(a). GENERAL PROCEDURES...........................................................11
7.2(b). DISABILITY CLAIMS............................................................12
7.2(c). PERIOD FOR REVIEW DECISION...................................................12
7.2(d). DECISIONS BY COMMITTEE.......................................................12
7.2(e). REVIEW DECISION..............................................................13
7.3. PROCEDURES APPLYING TO BOTH CLAIMS AND REVIEW PROCEDURES.....................13
7.3(a). METHOD OF NOTIFICATION.......................................................13
7.3(b). WHEN CLAIM OR APPEAL DEEMED FILED............................................13
7.3(c). TOLLING OF PERIOD FOR MAKING DECISION........................................13
7.3(d). RELEVANT DOCUMENTS...........................................................13
7.3(e). DISABILITY CLAIMS............................................................13
SECTION 8. PARTICIPATION BY RELATED COMPANIES...........................................14
8.1. ADOPTION OF PLAN BY RELATED COMPANY..........................................14
8.2. WITHDRAWAL FROM PLAN BY RELATED COMPANY......................................14
8.3. OBLIGATION OF PARTICIPATING EMPLOYERS........................................14
SECTION 9. MISCELLANEOUS PROVISIONS.....................................................14
9.1. AMENDMENT OR TERMINATION.....................................................14
9.2. PARTICIPANT'S RIGHTS UNSECURED...............................................14
9.3. NONTRANSFERABILITY/NONALIENABILITY...........................................15
9.4. PARTICIPANT OBLIGATION TO FURNISH INFORMATION................................15
9.5. NO RIGHT OF EMPLOYMENT.......................................................15
9.6. PLAN EXPENSES................................................................15
9.7. OFFSETS......................................................................15
9.8. SEVERABILITY.................................................................15
9.9. ENFORCEABILITY...............................................................15
9.10. LIMITATION OF ACTIONS........................................................15
9.11. GOVERNING LAW................................................................16
{/TABLE}
{PAGE}
HOME DEPOT U.S.A., INC.
DEFERRED COMPENSATION PLAN FOR OFFICERS
(As Amended and Restated Effective January 1, 2003)
SECTION 1.
ESTABLISHMENT AND PURPOSE OF PLAN
1.1. Establishment of Plan. The Compensation Committee of the Board of
Directors of The Home Depot, Inc. adopted the Home Depot U.S.A., Inc.
Deferred Compensation Plan For Officers effective March 1, 2002. The
Plan is amended and restated, as set forth herein, effective January 1,
2003 except as otherwise expressly provided herein.
1.2. Purpose of Plan. The purpose of the Plan is to provide Eligible
Officers an opportunity to defer to a future date the receipt of base
and bonus compensation for services performed for the Participating
Company. The Plan is intended to constitute, and shall be administered
to qualify as, a "top hat" plan exempt from the requirements of the
Employee Retirement Income Security Act of 1974, as amended, pursuant
to Labor Reg. ss.2520.104-23 and shall be maintained strictly for a
select group of management or highly compensated employees as
contemplated by said regulation.
SECTION 2.
DEFINITIONS
2.1. "Account" means the Participant's bookkeeping account established on
the Company's records showing the amount of the Participant's Base
Compensation and Bonus Compensation deferred pursuant to the
Participant's election and any notional earnings accrued thereon.
2.2 "Base Compensation" means the Participant's base rate of compensation
(including regular compensation, holiday, vacation, personal, sick and
severance pay) payable for services performed for the Participating
Company for the Plan Year, as adjusted to reflect increases and
decreases to the base rate during the Plan Year.
2.3 "Bonus Compensation" means the Participant's bonus or incentive
compensation payable for services performed for the Participating
Company for the Plan Year, including any signing bonus and any
incentive compensation payable to the Participant pursuant to the Home
Depot U.S.A., Inc. Long-Term Performance Incentive Plan or the Home
Depot U.S.A. Management Incentive Plan.
2.4 "Board" means the Company's Board of Directors.
2.5 "Change in Control" means a change in control of the Parent Company of
a nature that would be required to be reported in response to Item 6(e)
of Schedule 14A of Regulation 14A under the Exchange Act as in effect
at the time of such change in control, provided that such a change in
control shall be deemed to have occurred at such time as (1) any
"person" (as that term is used in Sections 13(d) and 14(d) (2) of the
Exchange Act), is or becomes the "beneficial owner," directly or
indirectly, of securities representing twenty percent (20%) or more of
the
-1-
{PAGE}
combined voting power for election of directors of the then outstanding
securities of the Parent Company or any successor of the Parent
Company; (2) during any period of two (2) consecutive years or less,
individuals who at the beginning of such period constituted the board
of directors of the Parent Company cease, for any reason, to constitute
at least a majority of the board, unless the election or nomination for
election of each new director was approved by a vote of at least
two-thirds of the directors then still in office who were directors at
the beginning of the period; (3) the stockholders of the Parent Company
approve any merger or consolidation as a result of which the common
stock of the Parent Company shall be changed, converted or exchanged
(other than a merger with a wholly-owned subsidiary of the Parent
Company) or any liquidation of the Parent Company or any sale or other
disposition of fifty percent (50%) or more of the assets or earning
power of the Parent Company; or (4) the stockholders of the Parent
Company approve any merger or consolidation to which the Parent Company
is a party as a result of which the persons who were stockholders of
the Parent Company immediately before the effective date of the merger
or consolidation shall have beneficial ownership of less than
fifty-five percent (55%) of the combined voting power for election of
directors of the surviving corporation following the effective date of
such merger or consolidation.
2.6. "Code" means the Internal Revenue Code of 1986, as amended.
2.7. "Committee" means the Compensation Committee of the Board of Directors
of The Home Depot, Inc.
2.8. "Company" means Home Depot U.S.A., Inc., a Delaware corporation, with
corporate offices at 2455 Paces Ferry Road, N.W., Atlanta, Georgia
30339-4024.
2.9 "Deductible" means a distribution of Base Compensation or Bonus
Compensation and earnings thereon for which the Participating Company
is entitled to a compensation tax deduction.
2.10. "Distribution Date" means the earliest of the following events: (1) a
year elected by the Participant that is after the Plan Year for which
the deferrals are made; or (2) the Participant's Employment Termination
for any reason (including death and Disability) before the
Participant's Retirement Date; or (3) the Participant's Retirement Date
or, if elected by the Participant, the Participant's Retirement Date
plus one (1) year; or (4) if elected by the Participant, the date of a
Change in Control.
2.11. "Disability" or "Disabled" means a physical or mental condition of the
Participant which results in the Participant receiving benefits under
the Participating Company's long term disability insurance plan, or in
the event that the Participant is not participating in the
Participating Company's long term disability insurance plan, means a
physical or mental condition which in the judgment of the Committee,
based on medical reports and other evidence satisfactory to the
Committee, prevents the Participant from satisfactorily performing
Participant's usual duties for the Participating Company or duties of
such other job or position which the Participating Company makes
available to the Participant and for which the Participant is qualified
by reason of training, education or experience.
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